What is the expected future of natural gas plants?
The Role of Natural Gas and Coal
Although power generation from renewables – mainly wind and solar – will reduce generation from both coal-fired and natural gas-fired plants in the coming years, coal and gas are still needed to balance the load on the grid due to the intermittent nature of renewable resources.
U.S. Generation Forecasts
US electricity generation forecasts through 2050 show renewables continuing to grow (21% in 2020 to 44% in 2050). It also shows dispatchable, baseload generation form fossil fuel still playing a large role in the US energy portfolio for decades to come. The graph from the U.S. Energy Information Administration (2022) illustrates the outlook for future energy use.
MPW’s Plan to Transition to Natural Gas
Natural gas isn’t dependent on the wind or sun to produce energy. Until the efficiency and storage of renewable energy is resolved, natural gas will remain crucial in supplying 24/7 reliable energy.
MPW’s plan to increase its renewables with local solar, transition from coal-fired to cleaner burning, natural gas-fired generation and leave a portion of its energy portfolio open, allows MPW to invest in additional renewables or cleaner technologies as costs come down and technologies further develop.